capital gains tax

Benjamin Franklin always accepted the US constitution might be changed; “the only things we can be certain of are death and taxes,” he wrote to French scientist Jean-Baptiste Leroy (if Leroy had known about the planned new top rate of 75 per cent in France he’d surely have agreed).

Death is not really relevant to investors; you can’t take it with you, after all. But taxes are vital – and often ignored by those looking back at past returns.

This makes some charts from Stanhope Capital, which runs money for wealthy families and charities, particularly handy. Jonathan Bell at Stanhope looked back at past tax rates in the UK and calculated the returns needed merely to beat inflation, for a top-rate tax payer. Read more

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About this blog

Blog guide

Welcome, if you have yet to register on FT.com, you will now be asked to do so before you begin to read FT blogs, however our posts remain free.

This blog is about asset allocation at the global level. It is an ongoing attempt to explain why investors and markets behave the way they do.

John Authers officially takes the "Long View", while James Mackintosh takes the "Short View" when it comes to investment decisions. In practice both of us end up taking both long- and short-term views, and occasionally disagreeing with each other; all comments and disagreements are very welcome.

About James

James Mackintosh is the Financial Times' Investment Editor, writing and presenting the daily Short View column and video. In 16 years at the FT his posts have included comment editor, motor industry editor and hedge funds correspondent, as well as spells in the Parliamentary lobby and Paris. He was the first reporter hired for FT.com, joining two weeks before it launched.

James has a degree in philosophy and psychology from the University of Oxford, where he spent two further years in post-graduate study of philosophy. If he wasn't here, he'd be skiing.

About John

John Authers is the Financial Times' Senior Investment Columnist, writing the Saturday Long View and a regular Monday column. In a 22-year career at the FT, his previous posts have included global head of the Lex column, investment editor, US markets editor, Mexico City bureau chief and US banking correspondent. His latest book is The Fearful Rise of Markets.

John has a degree in Philosophy, Politics and Economics from the University of Oxford, and an MBA from Columbia University. Perhaps more interestingly, he captained the highest scoring team in the history of University Challenge while at Oxford, and also once sung in Pavarotti's backing choir.